Quick Quarter - 1st Quarter of 2009
With our new Quick Quarter service we want to offer you even faster and more compact information on the current business development of SolarWorld. In a brief summary you will find here the most salient facts and figures of the first quarter of 2009.
Naturally, we will continue to make available to you our full quarterly report containing more detailed information. Just click on the “Find out more” button and you will be passed on to the right page immediately.
- In spite of the poor economic environment the solar market will continue to grow. In the USA dynamic growth is expected to start in the second half of the year.
- SolarWorld is expanding its production capacities as planned. In this way we can use the expected picking up of the solar markets for further growth.
- Under the premise of a stabilizing macro-economic development we have set ourselves the target of exceeding the previous year’s sales level with total sales of 1 billion € as the next stage of our development.
Earnings, Finance and Asset Situation
- In the first quarter we increased our sales over the same period last year by 5.2 per cent or 8.8 million € to 176.3 (previous year: 167.5) million €.
- EBIT increased versus the EBIT of the same quarter of the previous year adjusted for expenditure grants by 0.1 million € to 39.2 (previous year: 39.1) million €.
- Our consolidated net earnings improved versus the adjusted group profit of the first quarter of 2008 by 5.0 million € to 23.8 (previous year: 18.8) million €.
Business Development 1st Quarter 2009
- In the core market Germany we were able to significantly increase our sales in the trading business over that of the same quarter last year. We are also further expanding our sales in other countries thanks to our distribution partnerships.
- The enhancement of our international production sites is proceeding according to schedule. In the USA we were able to conclude the restructuring successfully in the first quarter. The capacity of our wafer production in Freiberg was fully utilized in the first quarter.
- With our new 6-inch mono-module we have added a higher module performance class to our product range.
Market and Framework Conditions
- The development of the international solar market was moderate in the first quarter. The reasons were the difficult financing environment and the bad weather in Europe that made assembly of our plants a problem.
- Credits granted for solar power projects by the banks increasingly depend on the reputation of the manufacturer as well as product certification like the TÜV seal of approval. As an established manufacturer SolarWorld therefore has a significant competitive advantage.
- In Japan and China the governments have announced new national funding programs in the first quarter – this will also open up additional market potential for us.
- The SolarWorld stock outperformed the DAX and the TecDax in the first quarter of 2009 reaching a closing price of 15.42 € on the cut-off date (31 March 2009).
- We maintained our leading position in the TecDAX reaching second place as measured by market capitalization.
- Capital market interest in the SolarWorld shares is high: Our share is currently covered by 35 sell-side analysts and DWS Investment GmbH increased its shareholding to 5.09 per cent as of the cut-off date.